"Industrial policy has long been discredited as an economic
strategy in the United States, but not in Asia.
"The government of Japan, for example, has always worked closely
with companies in IT and consumer electronics to influence
corporate winners and losers, but the results have been
"While Japan had some major successes in the 1970s, the country
has yet to emerge from an economic meltdown that started in the
early 1990s, despite plenty of government intervention..."